Angela Eagle MP, Labour's Shadow Chief Secretary to the Treasury, in response to NIESR’s forecast for growth in the second quarter of 2011 of just 0.1%, said:
“After the zero growth we have seen over the last six months, we must hope that this forecast turns out to be wrong. We need to see growth of 0.8% in the second quarter of this year to get back on track to the Office for Budget Responsibility’s recent three times downgraded forecast of 1.7% growth this year.
“Economic growth of 2.6% this year, which was forecast before George Osborne’s first Budget a year ago, now looks like an impossible prospect. It’s time this Conservative-led Government realised that without strong growth it will be much harder to get the deficit down.”